Daily News: April 11, 2014

Milbank Represents Barclays in Cross-Border Financing

Milbank, Tweed, Hadley & McCloy represented Barclays Bank as administrative agent, and Barclays and J.P. Morgan Securities as lead arrangers in connection with an approximately $657 million facility for Orient-Express Hotels and its subsidiaries (the Belmond Group). The transaction closed and funded on March 21, 2014.

The senior secured credit facilities consist of a $552 million seven-year term loan (the term loan B) comprised of a $345 million U.S. dollar-denominated tranche and a €150 million euro-denominated tranche, and a $105 million five-year, multi-currency revolving credit facility. The proceeds of the term loan B were utilized to refinance funded debt of the Belmond Group under numerous local, asset-level credit facilities and for general corporate purposes, and the $105 million revolving credit facility is available to finance working capital and for general corporate purposes.

Although incurred by a Bermuda borrower, the senior debt is supported by a cross-border guarantee and collateral package spanning the U.S., the United Kingdom, Hong Kong, Singapore, Bermuda, Luxembourg, Italy, Cyprus and Russia.

The Milbank Global Leveraged Finance team was led by partner Michael Bellucci and associate Todd Koretzky and included associates Bianca Gersten and Josh Savitz, all resident in New York. Also providing advice on the transaction were London partners Suhrud Mehta and Stuart Harray, associates Michelle Gilmore, Charles Armstrong and Geoffrey Dunnett and trainee Ben Pridgeon, and Hong Kong partner Gary Wigmore, associates Gilly Hutchinson, Zizhen Chen, Nicholas Atwood and trainee Parinna Lau.

Owned and operated by Orient-Express Hotels, Belmond is a global collection of hotel and luxury travel adventures.